He was mentored by Professor Ragnar Frisch, who was a joint winner of the Nobel Prize in Economics in 1969 with Jan Tinbergen.
Over the years, Tan Sri Faaland has held various leadership positions in international organisations, including President of the OECD Development Centre in Paris, Director General of the International Food Policy Research Institute (IFPRI) in Washington, the World Bank's Representative in Bangladesh, and Senior Consultant with the Chr. Michelsen Institute (CMI) in Norway.
The socio-economic climate in Malaysia in 1969 and 1970 gave rise to the need for better social equity and participation by all citizens for the country to progress. Though the NEP was not unanimously agreed upon when it was mooted, Tan Sri Faaland managed to convince them that it was the best way forward.
Despite debates over the NEP's success, Tan Sri Faaland views Malaysia's progress since its implementation positively. He acknowledges the country's achievements in pursuing the NEP objectives and sees it as an inspiration for other multi-ethnic nations.